The Pensions Minister, Torsten Bell, has reached out to the Work and Pensions Committee (WPC) to discuss the Pension Schemes Bill.

In a letter addressed to WPC chair, Debbie Abrahams, dated 6 June, Bell confirmed that the Pension Schemes Bill has been introduced into the House of Commons, delivering on the government’s commitment to “unleash the potential” of UK pensions.

“The reform will deliver for savers and tackle problems that make pension saving more hassle than it should be, from the proliferation of small pots to requiring savers to make complex, high stakes decision at retirement,” he added.

The Minister said that he looked forward to working with Abrahams and the committee as the “important” piece of legislation progresses through parliament.

Bell said he would also welcome the opportunity to meet with committee members to discuss the bill in more detail.

The letter outlined the measures included in the bill to “modernise the pension landscape”.

He said: “The reform will deliver for savers and tackle problems that make pension saving more hassle than it should be, from the proliferation of small pots to requiring savers to make complex, high stakes decision at retirement.”

The Pension Schemes Bill, launched last week, set out several measures which Bell outlined in his letter to the WPC, including consolidation of the Local Government Pension Schemes, consolidation of small pots, and a focus on scale and consolidation for defined contribution (DC) megafunds.

In addition to the consolidation agenda, the bill also outlined measures to increase surplus flexibilities, plans for a value-for-money framework, guided pension benefit solutions, and plans for a legislative framework to regulate superfunds.

The bill also aims to address several ongoing issues, including removing the restrictions that prevent the Pension Protection Fund from reducing its annual levy and re-establishing the legal standing of The Pensions Ombudsman as a competent court.

Bell said: “Together, these reforms represent a major step towards a more dynamic, efficient pensions market, one that delivers for savers and contributes to the UK’s long-term economic prosperity.”

The bill, which built on the final Pension Investment Review report, was broadly welcomed across the industry, but concerns remain over the implementation of measures and timings as well as the ever-present concerns about adequacy and the second phase of the pension review.

Alongside the bill, the government set out a workplace pensions roadmap, setting out the overarching aims for reform as well as the sequencing and timing of the implementation of the legislative package.

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